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Aruba Networks Launches New $100 Million Share Buyback Program

The company says it will fund the initiative from available working capital.

Aruba Networks(UNKNOWN:ARUN.DL) is following closely on the heels of a recent share repurchase initiative with a new one. The company announced that its board of directors has authorized a fresh buyback plan for up to $100 million of its common stock, which replaces a recently expired initiative of the same amount. The spent program was approved in June 2012 and essentially completed -- following a $100 million expansion -- this past July.

The company said it will fund the new program from available working capital. At the end of its most recently reported quarter, it had almost $145 million in cash and equivalents.

At the moment, Aruba Networks has a little more than 115 million shares outstanding, and its stock most recently closed at $19.38 per share.

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Eric has been writing about stocks and finance since the mid-1990s, when he lived in Prague, Czech Republic. Over the course of a varied career, he has also been a radio newscaster, an investment banker, and a bass player in a selection of rock and roll bands. A native New Yorker, he currently lives in Los Angeles.